Charles Truett to Retire from Primus.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Primus Guaranty, Ltd. (NYSE NYSE See: New York Stock Exchange : PRS PRS Partnership (IRB) PRS Printer (File Name Extension) PRS Paul Reed Smith (Guitar Brand) PRS Pairs (shoe industry) ) today announced that Charles Truett, Head of Portfolio Management and member of its Operating Committee, will retire from the company effective March 31, 2007. Thomas Jasper, Primus Chief Executive Officer, said, "Charley has played an important role in our company's growth and success. He has helped to instill a rigorous credit investment discipline and to develop a first-class portfolio management team. I want to thank him for his contributions and commitment to Primus." Mr. Truett said, "I have truly enjoyed being part of the Primus team during the past five years as we created, launched and grew a company that continues to be well positioned for success in the credit markets." Before joining Primus in 2001, Mr. Truett served for over 30 years at Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Continental Bank, holding a number of senior credit management positions in the U.S. and abroad. Mr. Jasper said that the company expects to review external and internal candidates as it works to fill Mr. Truett's responsibilities during the first quarter of 2007. About Primus Guaranty Primus Guaranty, Ltd., through one of its operating subsidiaries, Primus Financial Products, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , offers protection against the risk of default on corporate and sovereign obligations. Primus Financial assumes these risks through the sale of credit swaps to dealers, banks and portfolio managers. As a swap counterparty, Primus Financial is rated Aaa by Moody's Investor Service, Inc. and AAA by Standard & Poor's Rating Services. Another operating subsidiary of Primus Guaranty, Primus Asset Management, Inc., provides credit portfolio management services to Primus Financial, as well as third parties. In addition, PRS Trading Strategies, LLC is an operating subsidiary of Primus Guaranty which engages in relative value trading and other strategies involving buying and selling of credit swaps and other financial instruments in pursuit of financial returns. The company is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol PRS. Primus Guaranty is a Bermuda company, with the operations of its principal subsidiaries, Primus Financial Products, Primus Asset Management and PRS Trading Strategies, headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Some of the statements included in this press release, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, are forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. For a discussion of the factors that could affect our actual results please refer to the risk factors identified from time to time in our SEC reports, including, but not limited to, our 10-K, as filed with the SEC. |
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